Spot gold’s surge to fresh all-time highs above $3,800/oz has pulled tokenized gold to ~$2.9B market cap, with Tether’s XAUT and Paxos’ PAXG each clearing $3.2B in September trading volume. PAXG drew $40M net inflows; XAUT’s climb came from price, not new mints. Compliance under EU MiCA looms large.